EIA projects record US natural gas storage injection in 2014

The US Energy Information Administration’s Short-Term Energy Outlook (STEO) for March forecasts a robust natural gas injection season through April to October with nearly 2,500 bcf added to storage as operators seek to rebuild stocks.

US gas inventories will end the current withdrawal season at the end of March below 1 tcf, hitting a 10-year low, after unusually cold weather sparked high demand and forced a record-breaking winter withdrawal.

EIA expects relatively high gas production growth and moderate demand growth starting in April that will allow for a record storage build through October. The forecasted electric power consumption of gas from April to October is 23.9 bcfd, essentially flat compared with a year ago. Expected dry natural gas production during this period reaches 68.1 bcfd, up 2% from last year.

“The forecasted April-to-October storage build of nearly 2,500 bcf would surpass the previous record injection season net inventory build (April-October, 2001) by more than 90 bcf, to end the injection season at 3,459 bcf,” EIA said.

However, the projected record high injections would not fully erase the deficit in storage volumes caused by this winter’s heavy withdrawals. “While the projected storage build for the upcoming injection season would be a record, total Lower 48 end-October inventories in 2014 would still be at their lowest level since 2008.” EIA said.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...